One Heritage Group plc (OHG)
One Heritage Group plc: Signing of a Relationship Agreement with majority shareholder

29-Jun-2022 / 07:00 GMT/BST
Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.

One Heritage Group PLC (LSE: OHG), the UK-based residential developer focused on the North of England, is pleased to announce that it has signed an agreement with One Heritage Property Development Limited (“OHPD”) that sets out the formal relationship between OHPD and the Company (the “Relationship Agreement”). The Board keeps corporate governance under continuous review and the signing of the Relationship Agreement was undertaken as a result of the Board’s ongoing commitment to continually improve the corporate governance in the Company.

OHPD is the Company’s majority shareholder, holding 63.8% of the issued share capital in the Company. It also shares a common director in Yiu Tak (Peter) Cheung and provides One Heritage with a £7.5 million loan facility. The Relationship Agreement ensures that One Heritage continues to operate independently of OHPD and that any transactions between OHPD and One Heritage will be on normal commercial and arm’s length terms.

OHPD has agreed that the Board of One Heritage will always be required to contain at least two Independent Directors, one of whom will be Chair. OHPD further agrees that its Nominated Director will not be permitted to exercise the voting rights of OHPD in respect of certain matters.  These matters are set out in the Relationship Agreement.  In relation to such matters the quorum of the Board will require at least two Independent Directors and exclude the Nominated Director.

The Relationship Agreement, which contains the Schedule of Matters Reserved for the Board in this respect, is available via the Company’s website at https://www.oneheritageplc.com/

Contacts

Jason Upton

Chief Executive Officer

Email: jason.upton@one-heritage.com

Luke Piggin

Finance Director

Email: luke.piggin@one-heritage.com

Hybridan LLP (Financial Adviser and Broker)

Claire Louise Noyce

Email: claire.noyce@hybridan.com

Tel: +44 (0)203 764 2341